A British Court has decided that the Portuguese Treasury must pay €1.8 billion to Banco Santander and that the ‘swaps’ contracts agreed between the Spanish bank and some of Portugal’s State-owned public transport companies are valid.
Portugal’s government has appealed time and time again against earlier rulings that the ‘swaps’ contracts were legal, this is the fifth such court hearing, and is to appeal yet again, this time to UK’s Supreme Court despite legal bills already running into the millions.